Key Takeaways
- • CryptoQuant CEO Ki Young Ju said retail traders have exited Bitcoin futures markets, the reverse of the pattern seen at the 2025 top, with BTC holding near $81,700 on Friday, October 23, 2026.
- • U.S. spot Bitcoin ETFs took in about $1.07 billion over three sessions (Monday to Wednesday), enough to turn October's flows positive, with BlackRock's IBIT leading with $235 million on Wednesday alone.
- • BTC is retesting a broken short-term rising trendline from below near $82,000, with $79,800 (the October 15 low and floor of the October 10 range) identified as the key support level.
- • Ethereum funds continued to see outflows, with ETH funds bleeding roughly $1 billion in the same period cited by the publisher.
- • Analysts note that a less crowded leveraged futures market means fewer small traders to liquidate on a drop, but the source cautions that this does not confirm a market bottom.
Summary
Bitcoin (BTC USD) was trading near $81,700 on Friday, October 23, 2026, according to 99Bitcoins, after CryptoQuant CEO Ki Young Ju said retail traders had left Bitcoin futures markets. Ju's data showed the reverse during the 2025 top, when small retail orders dominated almost every day as BTC traded between $110,000 and $120,000. Since May 2026, no stretch has been led by retail traders. Large whale orders marked the July low near $58,000, and mid-sized whale orders drove the rally to $87,000 in September, while October has been mostly neutral with whales still active.
The source cautions that the shift does not confirm a bottom. Retail traders also dominated from February to April 2026, when BTC traded between $63,000 and $75,000, and the asset still fell to $58,000 by July. The current read is that the market is less crowded with leveraged small traders, meaning fewer positions are available to liquidate on a decline.
Spot demand has been more constructive. U.S. spot Bitcoin ETFs took in $526.7 million on Monday, $23.2 million on Tuesday and $524.8 million on Wednesday, roughly $1.07 billion across three sessions. BlackRock's IBIT led with $235 million on Wednesday alone, while Ethereum funds continued to record outflows. The publisher argues that the week's selling reflects short-term traders rather than long-term capital exiting.
On the chart, BTC has returned to its October 10 range of roughly $79,800 to $84,300 after a push to $84,898 failed within a day. Thursday's drop broke a rising trendline that had held every dip since the October 15 low, and BTC is retesting it from below near $82,000. Overhead resistance sits at $82,000 to $82,850, and a reclaim would put $84,300 back in play. On the downside, the 50-day EMA is at $80,876 and $79,800 is the range floor. A daily close below that level would point to the 200-day EMA near $76,200, according to the analysis.
The source cautions that the shift does not confirm a bottom. Retail traders also dominated from February to April 2026, when BTC traded between $63,000 and $75,000, and the asset still fell to $58,000 by July. The current read is that the market is less crowded with leveraged small traders, meaning fewer positions are available to liquidate on a decline.
Spot demand has been more constructive. U.S. spot Bitcoin ETFs took in $526.7 million on Monday, $23.2 million on Tuesday and $524.8 million on Wednesday, roughly $1.07 billion across three sessions. BlackRock's IBIT led with $235 million on Wednesday alone, while Ethereum funds continued to record outflows. The publisher argues that the week's selling reflects short-term traders rather than long-term capital exiting.
On the chart, BTC has returned to its October 10 range of roughly $79,800 to $84,300 after a push to $84,898 failed within a day. Thursday's drop broke a rising trendline that had held every dip since the October 15 low, and BTC is retesting it from below near $82,000. Overhead resistance sits at $82,000 to $82,850, and a reclaim would put $84,300 back in play. On the downside, the 50-day EMA is at $80,876 and $79,800 is the range floor. A daily close below that level would point to the 200-day EMA near $76,200, according to the analysis.
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